Quote:
Originally Posted by Causedawg 83
I created a sweet spreadsheet using excel to help me keep track of how much equity I have in my home after each payment is made. It's a SLOOOOW process gaining equity. Interest eats up damn near 90% of every payment we make right now. It's quite discouraging.
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Nahhhhhh. You're just looking at it wrong. As long as your interest rate is low, just pay your mortgage every month and forgetaboudit. You'll look back in 10 years and be satisfied. If you're really set on not paying that much interest, just do the extra payment thing... make an extra payment (principal only) every year... gets you out of arrears and, if you're consistent, will cut your amortization by around 6-7 years on a 30-year note.
At least it's an asset that's gaining instead of withering to nothing... just think if it was a car. Talk about a losing battle... and no matter how you look at your house payment, it's better than paying rent!
